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Assessment 2 Lee Company provided the following information for the year ended December 31, 2014: Cash Trade and other receivables Inventories Dairy livestock - immature Dairy livestock - mature Property, plant and equipment, net Trade and other payable Note payable - long term Share capital Retained earnings - January 1 Fair value of milk produced Gain from change in fair value Inventories used Staff costs Depreciation expense Other operating expenses Income tax expense 500,000 1,500,000 100,000 50,000 400,000 1,400,000 520,000 1,500,000 1,000,000 800,000 600,000 50,000 140,000 120,000 15,000 190,000 55,000 1. What is the net income for 2014? 2. What is the fair value of biological assets on December 31, 20142